Frazier Deeter CPAs and Advisors


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Revenue Recognition

In May of 2014 the Financial Accounting Standards Board (FASB) issued the long-awaited Accounting Standards Update, Revenue from Contracts with Customers. The changes go into effect for public companies for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The deadline for non-public entities is one year later.

This new standard replaces virtually all U.S. GAAP guidance that currently exists on revenue recognition with a single model to be applied to all contracts with customers. The new standard provides for a significant amount of judgment and added complexity, as it moves to a principles-based approach instead of providing a series of rules that apply in different scenarios.

Public and private companies need to become familiar with the new standard and then determine if their accounting policies and systems need to be changed to reflect the new standard.

To help you get started on this transition, Frazier & Deeter has developed a two-part series of videos that examine the the specifics of the new standard and the steps to take to adopt the new standard.

Revenue Recognition Part 1 - Updated Guidance

Revenue Recognition Part 2 - Adoption Process



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Frazier & Deeter, a Top 100 Largest CPA Firm in the United States, has accountants and business advisors who offer a full range of assurance and advisory services in the areas of audit, tax and management consulting and personal tax planning and compliance. As a leading accounting firm, we serve clients across the nation and internationally that include closely-held companies, SEC companies, and nonprofit entities. Headquartered in Atlanta, Georgia, we have been recognized as the 56th largest accounting firm in the nation, as one of the Top 25 Best Managed CPA firms in the country, and one of the Best Accounting Firms to Work for in the U.S.
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